Courtesy of Patty Widerman…

Montgomery County Council President Perez has asked for a postponement of the meeting until Tuesday, November 29.

As previously distributed…..
The Montgomery County Council has previously met a few times to discuss the predatory lending ordinance (Bill 36-04).

The legislation does not prove beneficial to the real estate finance industry.  The legislation focuses on discrimination and encompasses predatory lending into the anti-discrimination law.

When the Council meets the ordinance will be heard before the FULL Council and will possibly be up for a vote. 

At the conclusion of the last meeting which was held on July 6th the council members approved the following:
(1) The latest draft increases the damages for humiliation and embarrassment up to $500,000 for a violation (the previous draft had the cap at $250,000).  The current cap is $5,000.
(2) The disparate impact language was removed from the ordinance
(3) Steering language to be revisited at the full Council meeting

Attached is the revised version of Bill 36-04 incorporating changes made at the July 6th meeting.